People pose for pictures at the Wall Street Bull in New York’s Financial District on June 24, 2024 in New York City. 

Spencer Platt | Getty Images

The Nasdaq Composite dropped 0.84% Monday stateside as technology stocks were under pressure, with Apple, Meta and Oracle retreating more than 1% each.

Artificial intelligence lynchpin Nvidia performed worse, losing almost 2%. CEO Jensen Huang in October said the chipmaker had “half a trillion dollars” of business on the books for 2025 and 2026. When Nvidia reports its third-quarter earnings Wednesday stateside, investors will be combing through Huang’s comments for signs of strong 2026 growth, as suggested by that data point.

The problem with promises or expectations, especially for a company that is one of the two around which the artificial intelligence universe orbits (OpenAI being the other), is that any disappointment will be disproportionately painful.

“If they offer any even slightly muted guidance or forecast for demand for their chips, the market would take that poorly,” Baird investment strategist Ross Mayfield said.

Despite the recent sell-off in tech over concerns about high valuations and capital expenditure, some analysts think we could still end the year with a rally.

 “We continue to see a balance of bullish and bearish signals heading into year-end, but our stance remains that a year-end rally is likely,” Michael Graham, analyst at Canaccord Genuity, wrote in a Monday note.

Likewise, HSBC’s chief multi-asset strategist Max Kettner on Monday said the bank thinks “the probability of a melt-up into year-end – particularly in equities – is much greater” than a potential AI bubble popping.

If their predictions prove true, investors will have much to celebrate during the festive season — and we can worry about AI in the new year.

What you need to know today

Major U.S. indexes fall Monday stateside. Investors sold off technology names, furthering their downward trajectory. Alphabet shares, however, bucked the trend on news that Berkshire Hathaway has taken a stake in it. The pan-European Stoxx 600 lost 0.54%.

‘Half a trillion dollars’ of business for Nvidia. CEO Jensen Huang said in October that the chipmaker has $500 billion in orders for 2025 and 2026 combined. Analysts think Huang is signaling a strong forecast for 2026 sales.

Divided outlook on a December rate cut. In prepared remarks on Monday, Fed Governor Christopher Waller said he is focused on the labor market “after months of weakening.” But Vice Chair Philip Jefferson said there is a “need to proceed slowly.”

India announces energy deal with the U.S. Nearly 10% of New Delhi’s liquified petroleum gas will be imported from the U.S., said Hardeep Singh Puri, Indian union minister of petroleum and natural gas, on Monday. It’s a move to shore up ties with the White House.

[PRO] Bitcoin’s downward trend could portend trouble. The price of the cryptocurrency, which has been under pressure, is a “leading indicator” for U.S. stocks, an analyst told CNBC. But others think bitcoin still has tailwinds behind it even in the near term.

And finally…

A Swiss national flag on a ferry on Lake Geneva in Geneva, Switzerland, on Tuesday, Aug. 5, 2025. The Swiss president dashed to the US capital Tuesday in a last-minute attempt to prevent her American counterpart from imposing the highest tariff of any developed nation on Switzerland.  Photographer: Andrew Kravchenko/Bloomberg via Getty Images

Bloomberg | Bloomberg | Getty Images

The post AI still under pressure — but some analysts see a year-end rally appeared first on Our Story Insight.

Oils containing CBD (Cannabidiol).

Geoffroy Van Der Hasselt | AFP | Getty Images

Cannabis stocks could be poised for a rally after years of stagnation, fueled by investor optimism over the possibility for new federal rules for hemp-derived products and signals that President Donald Trump could take a more permissive stance on marijuana.

Publicly traded cannabis companies have seen their share of ups and downs. Verano Holdings reported earnings Wednesday that saw revenues of $203 million, up slightly from the previous quarter but down 6% year-over-year. However, Verano posted a net loss of $44 million, partly due to a $5 million impairment charge on a facility in Pennsylvania and $10 million in legal contingencies as a result of a settlement.

Next week, two U.S. cannabis giants, Curaleaf and Trulieve, are set to follow in reporting earnings. While the sector is down roughly 10% this year, based on cannabis-focused ETFs, some executives, like the CEO of Tilray Brands, remain optimistic for a turnaround. Already, in October, Tilray Brands‘ stock jolted up 22% after reporting better-than-expected fiscal first-quarter results.

“We could be looking at a true inflection point for cannabis. If reforms move forward, it could attract more companies to do business in the U.S.,” Tilray CEO Irwin Simon told CNBC.

Stock Chart IconStock chart icon

Cannabis company stocks Tilray Brands, Curaleaf and Trulieve

Three developments are driving the growth: Trump’s seeming embrace of Medicare coverage for CBD, a non-intoxicating hemp-derived cannabis compound; the president’s statements about reclassifying the drug status of marijuana; and movement in Congress to regulate hemp.

Meanwhile, cannabis is becoming more popular than ever. As of a 2024 report, daily or near-daily marijuana use surpassed daily drinking in the U.S., based on analysis of 40 years of data from Carnegie Mellon University.

The annual value of the U.S. production of cannabis grew 40% last year from the previous year, according to the Department of Agriculture, and cannabis-derived products, which include CBD and marijuana-based items, are now projected to reach a $160 billion global market by 2032, according to Grand View Research.

The ‘Trump effect’

Optimism in the cannabis market surged in September after Trump shared a video on Truth Social that promoted Medicare coverage of CBD and made unproven anti-aging claims about the substance. 

The video was produced by The Commonwealth Project — which advocates for seniors using cannabis and was founded and is funded by Palm Beach billionaire Howard Kessler — and directly appealed to the president.

Known for pioneering affinity credit cards, Kessler shifted to cannabis advocacy in 2019 but has been in Trump’s orbit since at least 2005, attending Trump’s wedding to Melania Trump and appearing at Mar-a-Lago and state dinners. Neither Kessler nor the White House responded to a request for comment on the matter.

Cannabis stocks reacted immediately to the video. On the day it was posted, shares of Tilray spiked 42%, while Aurora Cannabis stock gained 25%, shares of Canopy Growth jumped 18% and Cronos Group stock added 15.5%.

“A lot of folks in the industry saw him [Trump] posting the video as a bit of a surprise but we think he’s trying to gauge how the public feels about cannabis products,” said Adam Smith, executive director of the Marijuana Policy Project, which advocates for the legalization of marijuana. “Some people call it the ‘Trump effect,’ and think if he leans into CBD, it’s possible that other Republicans will support.”

There is limited data on effective doses of CBD for inflammation or chronic pain, particularly in seniors, according to the National Institutes of Health. Kevin Sabet, president of Smart Approaches to Marijuana, an organization opposed to marijuana, said people are overreacting to the post.

“It’s a big stretch to say a post or two is a fully throated endorsement of reform,” Sabet told CNBC. “A lot of times his posts don’t line up with formal policy positions.”

To date, the FDA has only approved one CBD-based drug, Epidiolex, to treat rare forms of epilepsy. Other uses lack scientific evidence and have “largely unknown” effects, said Meg Haney, director of the Cannabis Research Laboratory at Columbia University.

Emoji gummies by JustCBD are displayed at the Cannabis World Congress & Business Exposition trade show, Thursday, May 30, 2019 in New York. The treats contain non-psychoactive cannabidiol, CBD.

Jeremy Rehm | AP

The Farm Bill

Trump’s post also adds to momentum around regulating hemp — which is a variant of the marijuana plant that doesn’t cause a “high, according to the Centers for Disease Control and Prevention — which was legalized under the 2018 Farm Bill. Congress is weighing updates to the bill by year’s-end that could adopt long-awaited federal standards for labeling, testing and safety of hemp-derived products left unregulated under the original law.

“Regulation isn’t scary, as long as it is effective, because the clearer the lines are, the better it is to be in the business [when] you don’t have a looming axe over your head,” said Pamela Epstein, the chief legal and regulatory officer of hemp producer Terpene Belt Farms. 

The 2018 legalization triggered a $1.6 billion hemp market by 2023, according to Grand View Research. Hemp-derived CBD products containing less than 0.3% THC — the psychoactive compound responsible for a high — were legalized under the bill and spread rapidly into gummies, beverages, creams and even pet treats, and are projected to drive more than 20% growth by 2030, the data firm said.

But the vacuum of oversight left consumers exposed to mislabeled, untested and sometimes unsafe products, Smith told CNBC.

“It’s possible in the hemp sector grew a little too fast without rules,” Smith said. “Problems came up with some stuff masquerading as CBD but having high levels of THC, products marketed to kids and some products with tainted samples.”

Proposals in Congress range from an outright ban on hemp to tightening THC limits. Others in the cannabis industry are lobbying for an “alcohol-model” framework — with the FDA overseeing product safety and the Alcohol and Tobacco Tax and Trade Bureau managing taxation and distribution.

“Clear rules aren’t scary,” said Tilray CEO Simon. “They’re the best way to grow sustainably and shed the uncertainty that’s defined this space for years.”

People like Epstein caution that a complete ban could cripple the hemp economy, which supports about 320,000 jobs nationwide, according to the U.S. Hemp Roundtable and industry-related reports. But others like Michael Mayes, CEO of cannabis consulting firm Quantum 9, said any form of federal standards is essential to legitimize the market and draw institutional investors.

“Federal regulations would help some investors see cannabis as not a fringe investment with their money,” Mayes told CNBC. “By next year, it’s possible. Smart, consistent rules could be the key to unlocking billions in growth while working to ensure consumer safety.”

Marijuana rescheduling

Trump’s apparent openness to CBD has fueled speculation he may go further.

In August, he said his administration was “looking at” reclassifying marijuana from a Schedule I drug — alongside heroin and LSD — to a Schedule III drug.

The move would not legalize recreational marijuana but it would make it easier to sell, advocates said. It would also improve access to banking and financial services because it would lift certain IRS tax restrictions, which bar cannabis businesses from deducting standard expenses. Changes could also ease barriers to conducting scientific research, which experts said has been stifled under the drug’s current classification.

“To demonstrate that cannabis has medical utility, we need to do large, controlled trials, but we can’t really do those if it’s a Schedule I drug. As a result, that means you can’t do the studies needed to reschedule it,” Haney said. “It’s like the chicken and egg conundrum.”

A White House official described the rescheduling process as ongoing and said that “all policy and legal requirements and implications are being considered.”

Cannabis industry sources said investor optimism partly centers on Trump’s chief of staff, Susie Wiles, who previously worked at Ballard Partners, a Florida lobbying firm representing Trulieve, one of the largest U.S. cannabis companies. Though Wiles wasn’t registered as Trulieve’s lobbyist, she is described by multiple sources in the cannabis industry as a close friend of Trulieve CEO Kim Rivers. The people spoke anonymously to talk candidly about the matter.

According to the Florida Division of Elections, Trulieve spent more than $100 million supporting a failed ballot measure to legalize recreational cannabis for adults 21 and older. The company reportedly played a key role in securing Trump’s backing for the initiative. For the presidential race, according to Federal Election Commission filings, Trulieve donated $750,000 to Trump’s inauguration committee and another $250,000 to his MAGA Inc. super PAC.

Rivers attended two pre-inauguration events, including a dinner for Vice President JD Vance, and reportedly joined a $1 million-a-plate fundraiser at Trump’s New Jersey golf club in August, where she urged him to reclassify marijuana, the Wall Street Journal reported.

Two days after the fundraiser, Trump made his “looking at” comments about marijuana’s classification.

Wiles, Rivers and Truileve did not respond to requests for comment.

A man prepares a marijuana cigarette at Washington Square Park on April 20, 2023 in New York City. 

Leonardo Munoz | Corbis News | Getty Images

Republican roadblocks

Despite optimism from investors and advocates, many Republican lawmakers are moving to rein in hemp-derived products, citing safety concerns.

The backlash stems from hemp’s post-2018 boom, which quickly turned into a glut. Licensed acreage soared 445% over the previous year by 2019, according to advocacy and research group Vote Hemp, but the market became oversaturated with products, which forced many retailers and producers to pivot or close, experts said.

“Very quickly, there became a bloat of products and for a lot of the companies, the financial results weren’t there. There wasn’t growth. You had some really tough balance sheets, and I think the investors were unsure of the underlying fundamentals,” Cronos Group CEO Michael Gorenstein said.

Today, the market has rebounded but remains the “Wild West” without regulations, Smith said. FDA research this summer linked unregulated CBD to potential liver damage, and experts warn that THC in hemp can be chemically altered or added in quantities that make it as intoxicating as marijuana.

Lawmakers have responded to safety concerns.

Over the summer, Rep. Andy Harris, R-Md., introduced a bill redefining hemp to exclude any product with “quantifiable” THC, which passed a House committee along party lines. The Senate Appropriations Committee advanced similar language unanimously in July, as Sen. Mitch McConnell, R-Ky., — who championed the 2018 legalization effort — called for restoring the law’s “original intent.” A Congressional Research Service report in August said the proposals would “effectively” ban almost all hemp-derived products.

Looking ahead, many in the industry said the future rests on what Trump does next, particularly in the next few months. Even the perception of regulatory change has spurred investor optimism.

“For many of us, it’s not a question of when but what the regulations will be and how they’ll be enforced,” Gorenstein said. “If the next administration delivers clarity, that alone could shake up this industry.”

The post ‘Trump effect’ raises hopes for cannabis rally appeared first on Our Story Insight.

Lisa Su, chair and chief executive officer of Advanced Micro Devices Inc. (AMD), during a Bloomberg Television interview in San Francisco, California, US, on Monday, Oct. 6, 2025.

David Paul Morris | Bloomberg | Getty Images

AMD stock climbed 11% on Wednesday, continuing a massive run since OpenAI announced plans to buy billions of dollars of AI equipment from the chipmaker earlier this week.

On Monday, the ChatGPT maker entered into an agreement to potentially own 10% of AMD, based on its stock price and partnership milestones.

AMD now has a market cap of $380 billion after climbing 4% on Tuesday and 24% on Monday. Shares are up 43% so far this week, on pace for the best weekly gain since April 2016.

The partnership with OpenAI, which has historically been closely linked with Nvidia, has bolstered investor confidence that AMD will be a viable competitor to Nvidia in AI chips.

AMD CEO Lisa Su told reporters on Monday that the deal was a “win-win” and that its AI chips were good enough to be used in “at-scale deployments,” or very large data centers like the kind OpenAI and cloud providers build.

Nvidia CEO Jensen Huang on Wednesday reacted to the deal on CNBC’s Squawk Box, saying it was “surprising.”

“It’s imaginative, it’s unique and surprising, considering they were so excited about their next-generation product,” Huang said. “I’m surprised that they would give away 10% of the company before they even built it. And so anyhow, it’s clever, I guess.”

Stock Chart IconStock chart icon

AMD 5-day stock chart.

The post AMD stock continues rally after OpenAI deal, now up 43% this week appeared first on Our Story Insight.

A banner for Snowflake Inc. is displayed at the New York Stock Exchange to celebrate the company’s initial public offering on Sept. 16, 2020.

Brendan McDermid | Reuters

MongoDB’s stock just closed out its best week on record, leading a rally in enterprise technology companies that are seeing tailwinds from the artificial intelligence boom.

In addition to MongoDB’s 44% rally, Pure Storage soared 33%, its second-sharpest gain ever, while Snowflake jumped 21%. Autodesk rose 8.4%.

Since generative AI started taking off in late 2022 following the launch of OpenAI’s ChatGPT, the big winners have been Nvidia, for its graphics processing units, as well as the cloud vendors like Microsoft, Google and Oracle, and companies packaging and selling GPUs, such as Dell and Super Micro Computer.

For many cloud software vendors and other enterprise tech companies, Wall Street has been waiting to see if AI will be a boon to their business, or if it might displace it.

Quarterly results this week and commentary from company executives may have eased some of those concerns, showing that the financial benefits of AI are making their way downstream.

MongoDB CEO Dev Ittycheria told CNBC’s “Squawk Box” on Wednesday that enterprise rollouts of AI services are happening, but slowly.

“You start to see deployments of agents to automate back office, maybe automate sales and marketing, but it’s still not yet kind of full force in the enterprise,” Ittycheria said. “People want to see some wins before they deploy more investment.”

Revenue at MongoDB, which sells cloud database services, rose 24% from a year earlier to $591 million, sailing past the $556 million average analyst estimate, according to LSEG. Earnings also exceeded expectations, as did the company’s full-year forecast for profit and revenue.

MongoDB said in its earnings report that it’s added more than 5,000 customers year-to-date, “the highest ever in the first half of the year.”

“We think that’s a good sign of future growth because a lot of these companies are AI native companies who are coming to MongoDB to run their business,” Ittycheria said.

Pure Storage enjoyed a record pop on Thursday, when the stock jumped 32% to an all-time high.

The data storage management vendor reported quarterly results that topped estimates and lifted its guidance for the year. But what’s exciting investors the most is early returns from Pure’s recent contract with Meta. Pure will help the social media company manage its massive storage needs efficiently with the demands of AI.

Pure said it started recognizing revenue from its Meta deployments in the second quarter, and finance chief Tarek Robbiati said on the earnings call that the company is seeing “increased interest from other hyperscalers” looking to replace their traditional storage with Pure’s technology.

‘Banger of a report’

Reports from MongoDB and Pure landed the same week that Nvidia announced quarterly earnings, and said revenue soared 56% from a year earlier, marking a ninth-straight quarter of growth in excess of 50%.

Nvidia has emerged as the world’s most-valuable company by selling advanced AI processors to all of the infrastructure providers and model developers.

While growth at Nvidia has slowed from its triple-digit rate in 2023 and 2024, it’s still expanding at a much faster pace than its megacap peers, indicating that there’s no end in sight when it comes to the expansive AI buildouts.

“It was a banger of a report,” said Brad Gerstner CEO of Altimeter Capital, in an interview with CNBC’s “Halftime Report” on Thursday. “This company is accelerating at scale.”

Data analytics vendor Snowflake talked up its Snowflake AI data cloud in its quarterly earnings report on Wednesday.

Snowflake shares popped 20% following better-than-expected earnings and revenue. The company also boosted its guidance for the year for product revenue, and said it has more than 6,100 customers using Snowflake AI, up from 5,200 during the prior quarter.

“Our progress with AI has been remarkable,” Snowflake CEO Sridhar Ramaswamy said on the earnings call. “Today, AI is a core reason why customers are choosing Snowflake, influencing nearly 50% of new logos won in Q2.”

Autodesk, founded in 1982, has been around much longer than MongoDB, Pure Storage or Snowflake. The company is known for its AutoCAD software used in architecture and construction.

The company has underperformed the broader tech sector of late, and last year activist investor Starboard Value jumped into the stock to push for improvements in operations and financial performance, including cost cuts. In February, Autodesk slashed 9% of its workforce, and two months later the company settled with Starboard, adding two newcomers to its board.

The stock is still trailing the Nasdaq for the year, but climbed 9.1% on Friday after Autodesk reported results that exceeded Wall Street estimates and increased its full-year revenue guidance.

Last year, Autodesk introduced Project Bernini to develop new AI models and create what it calls “AI‑driven CAD engines.”

On Thursday’s earnings call, CEO Andrew Anagnost was asked what he’s most excited about across his company’s product portfolio when it comes to AI.

Anagnost touted the ability of Autodesk to help customers simplify workflow across products and promoted the Autodesk Assistant as a way to enhance productivity through simple prompts.

He also addressed the elephant in the room: The existential threat that AI presents.

“AI may eat software,” he said, “but it’s not gonna eat Autodesk.”

WATCH: Autodesk CEO on Q2 earnings

The post AI drives rally in software, led by MongoDB, Pure Storage, Snowflake appeared first on Our Story Insight.

Nintendo Co. Switch 2 game consoles at a Bic Camera Inc. electronics store in Tokyo, Japan, on Thursday, June 5, 2025. Nintendo Co. fans from Tokyo to Manhattan stood in line for hours to be among the first to get a Switch 2, fueling one of the biggest global gadget debuts since the iPhone launches of yesteryear.

Kiyoshi Ota | Bloomberg | Getty Images

Nintendo shares hit a fresh record high on Wednesday, continuing this year’s massive rally that has been fueled by hype around the company’s newly released Switch 2 console.

Shares of the Japanese gaming giant have jumped 46% this year, adding roughly $39 billion to the stock’s value, according to a CNBC calculation of data from S&P Capital IQ.

The Switch 2 is the successor of the original Switch console, which was released in 2017. Nintendo unveiled details of the Switch 2 in January, and the device went on sale this month, leading to shortages of the console in some markets and even to stores operating special opening hours.

Nintendo this month said it sold 3.5 million units of the Switch 2 in the four days following its launch. The company has previously forecast sales of 15 million units in its fiscal year ending March 2026, though many analysts say that is a modest estimate and expect Nintendo to achieve higher numbers.

Nintendo’s original Switch is its second-most successful console in history, selling over 152 million units since its launch to the quarter ended March this year. Its appeal lies in its hybrid nature — users can play the console on a TV, but can also detach it to use it on the go.

Investors are hoping the Switch 2 will replicate the success of its predecessor.

Nintendo has boosted the the success of its consoles through games involving strong franchises with characters and brands like Super Mario, Zelda and Pokemon. And the company has used its recognizable intellectual property and licensed it to movies and theme parks, boosting the success of its core video game product.

For Nintendo investors, that strategy has paid off. Since March 2017, when the original Switch was released, Nintendo shares have surged nearly 470%, according to S&P Capital IQ data. More than $81 billion has been added to the company’s market capitalization over that period.

The post Nintendo Switch 2 powered a $39 billion stock rally this year appeared first on Our Story Insight.

Jensen Huang, co-founder and CEO of Nvidia, during the Computex conference in Taipei, Taiwan, on May 20, 2025.

Annabelle Chih | Bloomberg | Getty Images

Nvidia shares jumped in premarket trading on Thursday after posting a positive set of earnings, sparking a rally in global semiconductor stocks.

Shares of Nvidia were 5.22% higher at 05:06 a.m. ET after the company posted better-than-expected earnings and revenue on Wednesday, even as it took a hit from U.S. semiconductor export restrictions to China.

Nvidia has been seen by investors as a bellwether for the broader semiconductor industry and artificial intelligence-related stocks, with its latest strong numbers sparking a rally among global semiconductor names.

In Japan, Tokyo Electron closed more than 4% higher, while SK Hynix, which is a supplier of high bandwidth memory to Nvidia, was nearly 2% up at the close of markets in South Korea.

In Europe, ASM International, BE Semiconductor Industries and ASML were all in positive territory.

This is a developing story. Please check back for more.

The post Nvidia jumps 5% in premarket trading as results spark global chip rally appeared first on Our Story Insight.

Tesla CEO Elon Musk wears a ‘Trump Was Right About Everything!’ hat while attending a cabinet meeting at the White House, in Washington, D.C., U.S., March 24, 2025. 

Carlos Barria | Reuters

Tesla shares slumped on Thursday, reversing course a day after the electric vehicle maker had its biggest gain on the market since 2013.

The stock dropped 7.3% to close at $252.40 and is now down 38% for the year, by far the biggest decline among tech’s megacap companies. That’s true even after the shares soared 23% on Wednesday, their second-sharpest rally on record.

President Donald Trump sent stocks up on Wednesday after announcing he would pause steep tariffs for many U.S. trading partners for 90 days to allow for negotiations. He set a minimum tariff rate of 10% while negotiations take place, but increased the tariff on China.

The whole market has whipsawed on President Trump’s changing plans, but Tesla has been particularly volatile, rising or falling by at least 5% on 19 different occasions this year.

The slump on Thursday came after the White House clarified that China’s tariff rate now stood at 145%. Beijing announced a reciprocal 84% tariff rate on U.S. goods, effective April 10. And the EU said it approved reciprocal tariffs on U.S. imports.

As questions swirled about the type of deals the U.S. might strike, analysts at UBS, Goldman Sachs and Mizuho cut their price targets on Tesla, with all three citing margin impacts of Trump’s auto tariffs.

“We expect Tesla shares to be volatile but downward sloping considering the rich valuation (especially compared to the other Mag7 stocks) in a skittish market,” UBS wrote. The firm, which has a sell rating and price target of $190, said it also sees “demand concerns.”

Tesla has experienced brand deterioration, declining deliveries and has been hit with protests along with some criminal acts targeting its facilities and vehicles. CEO Elon Musk, one of President Trump’s top advisers, has drawn heat to Tesla for his work in the White House, where he has slashed government spending and the federal workforce. In Europe, he has faced opposition after endorsing Germany’s far-right AfD party.

Tesla sales declined across Europe in the first quarter, according to data from European Automobile Manufacturers’ Association (ACEA) and others.

The uncertainty and threat of new tariffs has been troubling for Tesla’s margin outlook. The company sources many parts and materials from suppliers in China, Mexico and elsewhere.

Sales growth for Tesla previously hinged on the company’s ability to manufacture and sell a high volume of its cars and battery energy storage systems throughout Europe and Asia. EV competition has ramped up on both continents recently, and now the company has to contend with highest costs imposed by levies.

Musk has taken his anger out on Trump’s top trade adviser Peter Navarro, calling him a “moron” and “dumber than a sack of bricks” in social media posts earlier this week. However, Musk has shown his approval of the administration’s hard line against China, sharing a clip on X of U.S. Treasury Secretary Scott Bessent discussing the matter.

“China’s business model is predicated on this incredible imbalanced economy, and exporting low-cost goods – and subsidized goods – to the rest of the world,” Bessent said in the clip.

Thursday’s selloff provided some relief to Tesla short sellers, who got hammered in the prior day’s rally. According to S3 Partners, Tesla short interest stood around 80.5 million shares, with a 2.8% float as of Thursday. It’s one of the top four equity shorts in terms of notional value, at $17.9 billion. Short sellers bet on the decline in a stock and lose money when it goes up.

WATCH: Tesla faces opportunities and challenges

The post Tesla shares retreat following sharpest rally since 2013 appeared first on Our Story Insight.

A neon sign indicates that Bitcoin is accepted inside the venue of the Paralelni Polis project, an organization combining art, social sciences and modern technology, in Prague, Czech Republic, on Friday, Jan. 5, 2024.

Milan Jaros | Bloomberg | Getty Images

The price of bitcoin soared past the long-awaited $100,000 benchmark for the first time ever.

The flagship cryptocurrency was last higher by more than 5% at $101,164.00, according to Coin Metrics. Earlier, it rose as high as $101,440.50.

The move came hours after President-elect Donald Trump announced plans to nominate Paul Atkins as chair of the Securities and Exchange Commission, a move widely seen as a positive for the crypto industry.

In the same day, Federal Reserve chair Jerome Powell said bitcoin is “just like gold only it’s virtual, it’s digital,” speaking at the DealBook conference. He further clarified that “people are not using it as a form of payment, or as a store of value” and that “it’s not a competitor for the dollar, it’s really a competitor for gold.”

It’s a day of celebration for longtime bitcoin investors, who have held on for dear life, or “HODL’d” through several of the cryptocurrency’s boom and bust cycles, during which government and financial institutions remained dismissive — and even hostile — toward the asset class.

That’s largely because of the cryptocurrency’s anti-establishment roots. The original idea for Bitcoin was proposed at the height of the 2008 financial crisis: a “peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution,” its founder, Satoshi Nakamoto, wrote in the Bitcoin Whitepaper.

In recent years, however, the industry has demonstrated the value of bitcoin to much of the institutional investing world. BlackRock, Fidelity, Invesco and others launched the first spot bitcoin ETFs at the beginning of this year — bitcoin’s “IPO” moment — and the growing demand for them by institutions has helped drive the price higher. In November, Rick Wurster, the incoming CEO of Charles Schwab, said the firm is preparing to enter spot crypto trading, pending regulatory changes expected in the next Trump administration.

“We’re witnessing a paradigm shift. After four years of political purgatory, bitcoin and the entire digital asset ecosystem are on the brink of entering the financial mainstream,” Mike Novogratz, CEO of Galaxy Digital, told CNBC.

Bitcoin has been widely expected to reach the landmark $100,000 level since the U.S. presidential election. However, excited investors sent bitcoin closer to this mark much sooner than initially anticipated; it rose as high as $99,849.99 on Nov. 22. There is much hope that President-elect Donald Trump will deliver on several pro-crypto initiatives in the year ahead – including the establishment of a national strategic bitcoin reserve or stockpile, no taxes on crypto transactions and opening up the crypto public equity markets with more IPOs.

“Over the long term, I’m bullish,” Novogratz added. “It won’t be a straight line up, and investors should always consider taking gains off the table. But, with a pro-crypto administration about to take charge in the U.S., it’ll be hard for the rest of the world not to take notice.”

Don’t miss these cryptocurrency insights from CNBC PRO:

The post Bitcoin tops $100,000 as monster 2024 rally reaches new heights appeared first on Our Story Insight.